In spite of the fact that Bitcoin helps those in need, a panel discussion held at Surfin Bitcoin in France demonstrated the need for more education.
For those who really need it, Bitcoin (BTC) is available; for others, learning may take some time. During a panel discussion on August 26 at Surfin Bitcoin, a conference focused solely on Bitcoin, in Biarritz, France, this message echoed throughout the casino conference room.
The panelists, Ernesto Hernandez, a Salvadoran business consultant, Carol from the well-known Brazilian Youtube channel “Area Bitcoin,” and Ben Perrin, a Bitcoin Youtuber, took on the challenging subject of “Victims of the Banking System around the world: Inflation, Censorship.” The use of Bitcoin in these testing settings has been questioned.
In order to address the issue, the panelists—Perrin from Canada, Hernandez from El Salvador, and Carol from Brazil—displayed experience, proof, and anecdotes from their respective nations. Hernandez, for instance, was quick to point out that Bitcoin is not a panacea in El Salvador.
From left: Hall, Perrin, Carol, and Hernandez
In 2021, the tiny Central American nation launched the “Ley Bitcoin,” but, he emphasized, “let’s not forget that 8 out of 10 Salvadorans were unbanked.” Without any prior experience with banking or financial services, “it’s a big jump for people to buy a house or groceries.”
Additionally, the government-backed Chivo app initially faced some opposition and even attacks from protesters. The official app is still being investigated. During the Q&A session, Rikki, a Bitcoin podcaster who lived solely on Bitcoin for 45 days with his partner Laura, asked Hernandez about sending Bitcoin to El Salvador.
While positive, the report Rikki cited about El Salvador and remittances demonstrates that Bitcoin is significantly underutilized for remittance payments. Ernesto noted that, at the moment, foreign investors and Bitcoin enthusiasts are more likely to be interested in El Salvador than Salvadoran expatriate workers who send money back home. The main difficulty is informing Salvadorans of the benefits of using Bitcoin as a remittance tool.
— Laura Nori ⚡️ (@Lorinaura) January 18, 2022
Nevertheless, he grinned and said that it’s “fun” to see El Salvadorians use Bitcoin on the Chivo app to save and spend money after never having used banking services before. Additionally, prior to La Ley Bitcoin, the SEO terms “invest in El Salvador” did not exist. According to him, Bitcoin has effectively placed the nation on the map of the world and, indirectly, on the internet.
The recent conversion of Carol’s YouTube channel to a Bitcoin-only channel included an explanation of the historical nature of central banks’ victimization of Brazilians. Brazil has gone through nine currencies in the last 100 years, eight of which perished due to hyperinflation brought on by money printing and poor management. Additionally, despite being 27 years old, the Real, the current national currency of Brazil, “has already depreciated by 86%.” Using bitcoin, you can reject such a system.
The “largest protests in Canadian history,” as described by Ben Perrin, were the “freedom convoy” protests by Canadian truckers. He provided evidence that the banking system occasionally has a target population in mind. Additionally, he hinted at the cooperation between governments and the banking system:
“Our media in Canada is directly subsidized by the government. They get billions of dollars every single year. It helps if you have a specific message you want to get out and you are the ones bankrolling the ones in charge of taking that message to the people.”
Overall, he acknowledged that the banking system occasionally just doesn’t function, and that this is neither a personal failing nor a deliberate outcome. Ernesto cited El Salvador as an example, where Hernandez revealed that the banks had only seven days to integrate Bitcoin into their new system. Given this short timeframe, it is understandable why the system occasionally malfunctions.
on declining markets
Perrin ended his remarks on a positive note, saying that bear markets are good for construction and that amazing innovation will be taking place in 2022. Despite this, Bitcoin exists in a bubble that the rest of the world is unaware of or ignores. According to Carol, bear markets are when Bitcoin is “attacked” the most, but they also give it time to breathe and serve as a reminder to people to take their time:
“The fiat mindset is a short-term mindset. Everything is quick and must be now–tomorrow–instantly. Fiat discriminates, but anyone can use Bitcoin. When you start to reflect about Bitcoin you start to think about all of your choices in life.”
Carol compared the manipulation of currency by the government to the manipulation of attitudes. Even in countries with high inflation rates, like her own, Brazil, adoption of bitcoin is still sluggish. Therefore, the challenge for educators like herself, Perrin, and Hernandez is to convince people that fiat money has no foundation.
Hernandez concluded by reiterating that although technology is still a challenge, education continues to be the most crucial factor in the adoption of Bitcoin. “You will cut your hand if you grab a knife at the opposite side,” he warns. You must become proficient with the knife.
He claimed that tiny seeds of adoption are now sprouting throughout the developing world, citing Machankura as an example—a company that delivers Bitcoin over Lightning to people in Africa without internet connections. Jack Dorsey and others have backed the group.